Elderly Mumbai Man Defrauded of 52 Lakh in Share Trading Scam

A retired bank employee from Mumbai has become the victim of a significant financial scam, losing Rs 52 lakh to fraudsters in a deceptive share trading scheme.

The 65-year-old Goregaon resident was lured by two separate investment offers, one via WhatsApp and the other through Instagram, both promising substantial returns on his investments.

Despite depositing large sums into accounts linked to fraudulent platforms, the promised returns never materialized, leading the victim to file a police complaint. Authorities have registered a case against seven unidentified suspects under multiple legal provisions.

(With inputs from agencies.)